Question the market demand and supply functions for pizza, Ask an Expert

Economics

Question: The market demand and supply functions for pizza are:Q_D = 25, 000 - 1, 500P and Q_S = 2, 500P - 15, 000.

a. Calculate the equilibrium price and quantity that will prevail under a completely free market.

b. Calculate the price elasticities of supply and demand at the equilibrium values.

c. Calculate the consumer surplus in the market for pizza.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92586002

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question very time we have to make a choice we are faced

Question: Very time we have to make a choice we are faced with an opportunity cost. Using an example in your professional life, identify a situation where you were presented with a choice, the opportunity cost of the cho ...

Question 1 discuss the significance and the impact that the

Question: 1) Discuss the significance and the impact that the environment has on human health. Provide examples and discuss how they relate to the practice of public health today. Your response should be at least 210 wor ...

Question why is it necessary to have an industry

Question: Why is it necessary to have an industry classification systems like NAICS? Would facing the need of learning a system as complex as NAICS discourage you for becoming part of the importing and exporting componen ...

Explain briefly but clearly the concepts of scarcity and

Explain briefly but clearly the concepts of scarcity and opportunity cost. Provide an example of opportunity cost from either your personal or professional experiences. Remember to include explicit costs (able to be meas ...

Below is the production possibilities table for the country

Below is the production possibilities table for the country of Lavaland. Choice Number of tanks Number of pizza A 0 ...

Question what is the marginal tax rate of a corporation

Question: What is the marginal tax rate of a corporation with a taxable income of $250,000 based on the tax table in your equation sheet? The response must be typed, single spaced, must be in times new roman font (size 1 ...

Question suppose that high-definition television sets hdtvs

Question: Suppose that high-definition television sets (HDTVs) are normal goods. Would the compensated demand curve for HDTVs be flatter or steeper than the uncompensated demand curve? Explain your answer using a careful ...

Question the present worth of an amount of money y that

Question: The present worth of an amount of money "Y" that will be received 10 years from now is $10,000. At an interest rate of 8% per year, the value of "Y" 10 years from now is equal to? The response must be typed, si ...

Question why does the government create monopoly power via

Question: Why does the government create monopoly power via its patent system, when elsewhere it spends millions trying to prevent the emergence of or regulate monopoly power? The response must be typed, single spaced, m ...

Question - consider the consumer choice example where

Question - Consider the consumer choice example, where consumption and leisure are perfect complements. Assume that the consumer always desires a consumption bundle where the quantities of consumption and leisure are equ ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert